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Rocket Companies Completes $2 Billion Notes Offering and Tender Offer
- Client News
- October 4, 2021
Practices
Paul, Weiss advised Rocket Mortgage, LLC and Rocket Mortgage Co-Issuer, Inc., each an indirect subsidiary of Rocket Companies, Inc., in their issuance of $1.15 billion aggregate principal amount of 2.875% senior notes due 2026 and $850 million aggregate principal amount of 4.000% senior notes due 2033, as well as a related tender offer for any and all of Rocket Mortgage’s 5.250% senior notes due 2028. Rocket Companies is a Detroit-based holding company consisting of tech-driven real estate, mortgage and financial services businesses, including Rocket Mortgage, Rocket Homes and Rocket Auto.
As of October 4, the early tender deadline for the tender offer, holders representing 93.21% of the aggregate principal amount of the outstanding 2028 Notes had tendered their notes. The tender offer will expire on October 19. Morgan Stanley & Co. LLC acted as representatives of the initial purchasers for the offering and as dealer manager in the tender offer.
The Paul, Weiss team included, among others, corporate partner John Kennedy; and tax partner Brad Okun.